Private company

26North BDC, Inc.

Investment fund based in Baltimore, United States2

In its 2026 annual report the company says: “We invest primarily in directly originated senior secured loans to middle market companies domiciled in the United States. We generally consider middle market companies to consist of companies with between $25 million and $100 million of annual earnings before interest expense, income tax expense, depreciation and amortization, although the Company may from time to time invest in larger or smaller companies.”4

Last updated Oct 20, 2026.

Overview

  • HeadquartersBaltimore, United States2
  • Incorporated inMD3
  • Business address600 Madison Avenue, 26Th Floor, New York, Ny 100223
  • Filer category, Emerging growth company3
  • Legal formCorporation2
  • Kind of organizationInvestment fund2
  • LEI254900C6JIVNV1DI7B782
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O CSC-LAWYERS INCORPORATING SERVICE COMPANY, 21202 Baltimore, United States2
  • Registered withBusiness Services (Maryland Department of Assessments and Taxation), D233420742

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Our investment objective is to generate current income and, to a lesser extent, capital appreciation. We invest primarily in directly originated senior secured loans to middle market companies domiciled in the United States. The Company’s portfolio consists primarily of direct originations of (i) first lien senior secured debt and unitranche debt (including last out portions of such loans) and, to a lesser extent, (ii) second lien senior secured debt and unsecured debt, including mezzanine debt. In connection with its debt investments, the Company is permitted to receive equity warrants or make select equity co-investments. We generally consider middle market companies to consist of companies with between $25 million and $100 million of annual earnings before interest expense, income tax expense, depreciation and amortization (“EBITDA”), although the Company may from time to time invest …4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Net income5$47.0M in 2025
0$20.0M$40.0M$60.0M2023: $0$020232024: $14.3M$14.3M20242025: $47.0M$47.0M2025+228%
Fiscal year20222023202420252026
Net income$05$14.3M5$47.0M5
Earnings per share$0.005$2.225$2.465
Earnings per share (diluted)$0.005$2.225$2.465
Shares (weighted, basic)1.6M shares56.5M shares519.1M shares5
Shares (weighted, diluted)1.6M shares56.5M shares519.1M shares5

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Corporate structure

26North BDC, Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of 26North BDC, Inc.

  • Nord Giant Ltd Filed SCHEDULE 13G/A on 26North BDC, Inc., latest Aug 11, 2026 (4 filings since Feb 12, 2024)
  • Nord Mentality Ltd Filed SCHEDULE 13G/A on 26North BDC, Inc., latest Aug 11, 2026 (4 filings since Feb 12, 2024)
  • Amwal Investments LLC Filed SCHEDULE 13G/A on 26North BDC, Inc., latest May 15, 2026 (6 filings since Dec 28, 2023)
  • 26N DL SPV LLC Filed SCHEDULE 13G/A on 26North BDC, Inc., latest Feb 14, 2025 (2 filings since Feb 14, 2024)
  • 26North BDC, Inc. Baltimore, Maryland, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What 26North BDC, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$5.9M5 Dec 31, 2025$12.9M5 Dec 31, 2024−54.0%

Properties, in its own words

The Company’s principal executive office is at 600 Madison Avenue, 26th Floor, New York, NY 10022. The Company does not own any real estate.

Item 2 of the 10-K filed Mar 4, 2026.4

Leadership

Who has led 26North BDC, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Brendan McGovern2023–now

President

  1. Brendan McGovern2023–now

Chief financial officer

  1. Jonathan Landsberg2023–now
2025
Board members and other officers (8)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive OfficerDavid Yu named Oct 17, 202518
  • DirectorPatrick Sullivan named Oct 17, 202518

Timeline

  1. Aug 20, 20268-K Entered a material agreement; New debt or obligation19
  2. Jun 25, 20268-K Unregistered sale of shares20
  3. Jun 9, 20268-K Shareholder vote21
  4. May 18, 20268-K Entered a material agreement; New debt or obligation22
  5. Mar 25, 20268-K Unregistered sale of shares23
  6. Mar 18, 20268-K Unregistered sale of shares24
  7. Sep 29, 20258-K Unregistered sale of shares25
  8. Sep 11, 20258-K Entered a material agreement; New debt or obligation26
  9. Jun 6, 20258-K Shareholder vote27
  10. Mar 24, 20258-K Unregistered sale of shares28
  11. Feb 13, 20258-K Entered a material agreement; New debt or obligation29
  12. Dec 23, 20248-K Unregistered sale of shares30
  13. Nov 6, 2023New chief executive Brendan McGovern becomes CEO9
  14. Oct 13, 2022Founded 26North BDC, Inc. is founded2

Filings

155 filings to the SEC since October 2021: 3 annual reports, 8 quarterly reports, 19 major events, 85 insider forms, 16 large holders, 4 private raises, 20 other. The latest 20:

  1. Oct 15, 2026D/A EDGAR
  2. Aug 20, 20268-K EDGAR
  3. Aug 11, 2026SCHEDULE 13G/A EDGAR
  4. Aug 11, 2026SCHEDULE 13G/A EDGAR
  5. Aug 7, 202610-Q EDGAR
  6. Jun 26, 20264 EDGAR
  7. Jun 26, 20264 EDGAR
  8. Jun 26, 20264 EDGAR
  9. Jun 26, 20264 EDGAR
  10. Jun 26, 20264 EDGAR
  11. Jun 26, 20264 EDGAR
  12. Jun 26, 20264 EDGAR
  13. Jun 26, 20264 EDGAR
  14. Jun 25, 20268-K EDGAR
  15. Jun 9, 20268-K EDGAR
  16. May 18, 20268-K EDGAR
  17. May 15, 2026SCHEDULE 13G/A EDGAR
  18. May 8, 202610-Q EDGAR
  19. Apr 21, 2026DEFA14A EDGAR
  20. Apr 21, 2026DEF 14A EDGAR

The 155 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

7 open-market trades by officers, directors and large owners since October 2021: 7 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 24, 2026Abu Dhabi Investment Council Co P.J.S.C10% ownerBuy504,073$24.80$12.5MForm 4
Mar 23, 2026Abu Dhabi Investment Council Co P.J.S.C10% ownerBuy497,305$25.14$12.5MForm 4
Sep 25, 2025Abu Dhabi Investment Council Co P.J.S.C10% ownerBuy494,018$25.30$12.5MForm 4
Mar 20, 2025Abu Dhabi Investment Council Co P.J.S.C10% ownerBuy496,958$25.15$12.5MForm 4
Dec 19, 2024Amwal Investments LLC10% ownerBuy497,446$25.13$12.5MForm 4
Sep 13, 2024Amwal Investments LLC10% ownerBuy497,298$25.14$12.5MForm 4
Mar 25, 2024Abu Dhabi Investment Council Co P.J.S.C10% ownerBuy500,000$25.00$12.5MForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Oct 11, 2023Raised $579.1 million in a private offering of equity Form D: 797 investors so far Form D

SEC filer profile

How 26North BDC, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGAR26North BDC, Inc.1
  • CIK0001950976
  • Employer ID (EIN)93-23058324
  • Filer statusNon-accelerated filer an emerging growth company; not a smaller reporting company; not a shell company4
  • Incorporated inMaryland4
  • Fiscal year endsDecember 311
  • Business address600 Madison Avenue, 26Th Floor, New York, NY 100221
  • Phone212-224-06201
  • Shares outstanding39,308,660 as of Aug 7, 20267
  • Public float$0 as of Dec 31, 20255
  • AuditorDELOITTE & TOUCHE LLP, New York, New York PCAOB ID 34; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceOct 20, 20221
  • Filings161 in all: 4 (68), 8-K (19), 3 (17), SCHEDULE 13G/A (13), 10-Q (8), SC 13G (5), 10-K (3), 40-17G (3)1
    All 23 form types

    40-APP/A (3), D/A (3), DEF 14A (3), DEFA14A (3), 40-APP (2), SC 13G/A (2), 10-12G (1), 10-12G/A (1), 40-17G/A (1), APP NTC (1), APP ORDR (1), CORRESP (1), D (1), N-54A (1), UPLOAD (1)

  • Latest filingsAnnual report (10-K) Mar 4, 2026
    Quarterly report (10-Q) Aug 7, 2026
    Proxy statement (DEF 14A) Apr 21, 2026
    Latest 8-K (8-K) Aug 20, 2026

Risk factors and legal proceedings

The risks 26North BDC, Inc. names in Item 1A of its 10-K filed Mar 4, 2026: 74 risks under these headings, as written.4

  • Risks Related to Our Business and Structure
  • We are a privately placed BDC and our Stockholders may not be able to transfer or otherwise dispose of our Common Stock at desired times or prices, or at all.
  • We may have difficulty sourcing investment opportunities.
  • We generally will not control the business operations of our portfolio companies.
  • Due to the illiquid nature of our holdings in our portfolio companies, we may not be able to dispose of our interests in our portfolio companies.
  • We may borrow money, which may magnify the potential for gain or loss and may increase the risk of investing in us.
  • Provisions in a credit facility or other borrowings may limit discretion in operating our business and defaults thereunder may adversely affect our business, financial condition, results of operations and cash flows.
  • We are exposed to risks associated with high rates of inflation.
  • We are exposed to risks associated with changes in interest rates.
  • We may expose ourselves to risks if we engage in hedging transactions.
  • We may enter into total return swaps that would expose us to certain risks, including market risk, liquidity risk and other risks similar to those associated with the use of leverage.
  • Our investment portfolio is recorded at fair value as determined in good faith in accordance with procedures established by our Board of Directors and, as a result, there is and will be uncertainty as to the value of our portfolio investments.
The other 63 risks
  • Any unrealized depreciation we experience on our portfolio may be an indication of future realized losses, which could reduce our income available for distribution.
  • We will face competition for investment opportunities, which could delay further deployment of our capital, reduce returns and result in losses.
  • The Company, our executive officers, directors, and our Adviser, its affiliates and/or any of their respective principals and employees may be the subject of litigation or similar proceedings.
  • We are dependent on information systems and systems failures could significantly disrupt our business, which may, in turn, negatively affect our liquidity, financial condition or results of operations.
  • We and our portfolio companies may experience risk related to the use of artificial intelligence.
  • Cybersecurity risks and cyber incidents may adversely affect our business or the business of our portfolio companies
  • Compliance with the privacy laws to which we are subject may require the dedication of substantial time and financial resources, and non-compliance with such laws could lead to regulatory action being taken and/or could negatively impact the business, financial condition and operating results of us or our portfolio companies.
  • Our Board of Directors may change our operating policies and strategies without prior notice or Stockholder approval, the effects of which may be adverse to our Stockholders.
  • The Company may not consummate any Liquidity Event, despite its intention to do so, and may determine to offer its Stockholders the option to restructure their investment, or the Company may be wound down and/or liquidated and dissolved in an orderly manner.
  • Risks Related to the Adviser and its Affiliates
  • Our ability to achieve our investment objective depends on the Adviser’s ability to manage and support our investment process.
  • Our fee structure may create a conflict of interest due to the incentives for the Adviser to make speculative investments or use substantial leverage.
  • The Adviser and its affiliates may have incentives to favor their respective other funds, accounts and clients over us, which may result in conflicts of interest that could be adverse to us and our investment opportunities and harmful to us.
  • The Adviser and its affiliates may face conflicts of interest with respect to services performed for issuers in which we invest and their use of service providers.
  • The Adviser and its affiliates’ personnel will work on other projects and conflicts may arise in the allocation of personnel between us and other funds, accounts or projects.
  • Our access to confidential information may restrict our ability to take action with respect to some investments, which, in turn, may negatively affect our results of operations.
  • We will be obligated to pay the Adviser an Incentive Fee even if we incur a net loss due to a decline in the value of our portfolio and even if our earned interest income is not payable in cash.
  • Our ability to enter into transactions with our affiliates is restricted.
  • We may make investments that could give rise to a conflict of interest.
  • The recommendations given to us by the Adviser may differ from those rendered to their other clients.
  • The Adviser’s liability is limited under the Investment Advisory Agreement, and we are required to indemnify the Adviser against certain liabilities, which may lead the Adviser to act in a riskier manner on our behalf than it would when acting for its own account.
  • Investment by 26North employees in the Company may lead to conflicts of interest.
  • The Adviser’s failure to comply with pay-to-play laws, regulations and policies could have an adverse effect on the Adviser, and thus, us.
  • There are risks associated with any potential merger with or purchase of assets of another fund.
  • Our Administrator can resign from its role as Administrator under the Administration Agreement, and a suitable replacement may not be found, resulting in disruptions that could adversely affect our business, results of operations and financial condition.
  • Any sub-administrator that the Administrator engages to assist the Administrator in fulfilling its responsibilities could resign from its role as sub-administrator, and a suitable replacement may not be found, resulting in disruptions that could adversely affect our business, results of operations and financial condition.
  • Risks Related to BDCs
  • Changes in laws or regulations governing our operations may adversely affect our business or cause us to alter our business strategy.
  • We are subject to limited restrictions with respect to the proportion of our assets that may be invested in a single issuer.
  • The requirement that we invest a sufficient portion of our assets in qualifying assets could preclude us from investing in accordance with our current business strategy; conversely, the failure to invest a sufficient portion of our assets in qualifying assets could result in our failure to maintain our status as a BDC.
  • Failure to maintain our status as a BDC would reduce our operating flexibility.
  • Regulations governing our operation as a BDC and RIC affect our ability to raise capital and the way in which we raise additional capital or borrow for investment purposes, which may have a negative effect on our growth. As a BDC, the necessity of raising additional capital may expose us to risks, including risks associated with leverage.
  • Because our sole initial Stockholder approved a proposal to allow an asset coverage ratio of 150%, we are subject to 150% asset coverage.
  • Risks Related to Our Investments
  • Our investments in portfolio companies may be risky, and we could lose all or part of our investments.
  • Unsecured Debt, including Mezzanine Debt.
  • Investing in middle market companies involves a number of significant risks.
  • Investments in common and preferred equity securities, many of which are illiquid with no readily available market, involve a substantial degree of risk.
  • By originating loans to companies that are experiencing significant financial or business difficulties, we may be exposed to distressed lending risks.
  • We may suffer a loss if a portfolio company defaults on a loan and the underlying collateral is not sufficient, or if the portfolio company has debt that ranks equally with, or senior to, our investments.
  • We may not be in a position to exercise control over our portfolio companies or to prevent decisions by management of our portfolio companies that could decrease the value of our investments.
  • Certain of our investments may be adversely affected by laws relating to fraudulent conveyance or voidable preferences, or we could become subject to lender liability claims.
  • Prepayments of our debt investments by our portfolio companies could adversely impact our results of operations and reduce our return on equity.
  • If we cannot obtain debt financing or equity capital on acceptable terms, our ability to acquire investments and to expand our operations will be adversely affected.
  • We and/or our portfolio companies may be materially and adversely impacted by global climate change.
  • Inflation may adversely affect the business, results of operations and financial condition of our portfolio companies.
  • Our portfolio companies may be highly leveraged.
  • Our investments in non-U.S. companies may involve significant risks in addition to the risks inherent in U.S. investments.
  • The market structure applicable to derivatives imposed by the Dodd-Frank Act, the U.S. Commodity Futures Trading Commission (“CFTC”) and the SEC may affect our ability to use over-the-counter (“OTC”) derivatives for hedging purposes.
  • Our ability to enter into transactions involving derivatives and financial commitment transactions may be limited.
  • Defaults by our portfolio companies could jeopardize a portfolio company’s ability to meet its obligations under the debt or equity investments that we hold which could harm our operating results.
  • Our portfolio may be focused on a limited number of portfolio companies or industries, which will subject us to a risk of significant loss if any of these companies defaults on its obligations under any of its debt instruments or if there is a downturn in a particular industry.
  • An investment strategy focused primarily on privately held companies presents certain challenges, including the lack of available information about these companies.
  • Certain investment analyses and decisions by the Adviser may be required to be undertaken on an expedited basis.
  • We may not have the funds or ability to make additional investments in our portfolio companies.
  • The prices of the debt instruments and other securities in which we invest may decline substantially.
  • Because our business model in the future may depend to an extent upon relationships with private equity sponsors and intermediaries, the inability of the Adviser or 26North to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business.
  • The credit ratings of certain of our investments may not be indicative of the actual credit risk of such rated instruments.
  • To the extent OID and PIK interest income constitute a portion of our income, we will be exposed to risks associated with the deferred receipt of cash representing such income.
  • Risks Related to the Private Placement of Common Stock
  • Stockholders are obligated to fund drawdowns and may need to maintain a substantial portion of their Capital Commitments in assets that can be readily converted to cash.
  • Stockholders who default on their Capital Commitment to us will be subject to significant adverse consequences.
  • Certain Stockholders may have to comply with Exchange Act filing requirements.
  • The fiduciary of any investor governed by the fiduciary rules under ERISA, Section 4975 of the Code or the provisions of any other applicable federal, state, local, non-U.S., or other laws or regulations that are similar to Title I of ERISA or Section 4975 of the Code (collectively, “Similar Laws”) must determine that an investment in the Company is appropriate for such investor.
  • If investors domiciled, resident or having their registered office in the EU and/or the UK participate in the private placement, we may be subject to additional reporting, regulatory and compliance obligations pursuant to the Alternative Investment Fund Managers Directive (the “AIFMD”).
  • Risks Related to our Common Stock
  • The amount of any distributions we may make on our Common Stock is uncertain. We may not be able to pay distributions, or be able to sustain distributions at any particular level, and our distributions per share, if any, may not grow over time, and our distributions per share may be reduced. We have not established any limit on the extent to which we may use borrowings, if any, and we may use offering proceeds to fund distributions (which may reduce the amount of capital we ultimately invest in portfolio companies).
  • Our shares are not listed on an exchange or quoted through a quotation system and will not be listed for the foreseeable future, if ever. Therefore, our Stockholders will have limited liquidity.

Legal proceedings

We are not currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceedings threatened against us. We are also subject to extensive regulation which, from time to time, may result in us being a party to certain lawsuits, legal and/or regulatory proceedings, information requests and investigations in the normal course of business, including proceedings relating to the enforcement of our rights under loans to or other contracts with our portfolio companies. Furthermore, third parties may try to seek to impose liability on us in connection with our activities or the activities of our portfolio companies. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs and expenses, diversion of management resources and other factors.

The opening of Item 3, Legal Proceedings.4

Sources

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